Quote:
Originally Posted by jeffsmith
Looking at GBP/USD intraday: key ST resistance at 1.5.
Pivot: 1.5
Preferred: Short positions below 1.5 with targets @ 1.4815 & 1.467 in extension.
Alternative scenario: Above 1.5 look for further upside with 1.51 & 1.513 as targets.
Comment: the RSI has banged against a major resistance around 70% and is reversing down.
It is being said the pound's decline will assist GB's economy so as long as it doesn't turn
into a ``run'' on the currency.Investors are selling the pound on concern about the size of
GB's recession.
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Nice one, jeffsmith, keep it coming..
Quote:
Originally Posted by stalla
Nice analysis !!!
I think the pound keeps getting pounded for further losses after the negative view trotted
out by King and company midweek and by the backdrop of the country's current account deficit
and huge fiscal challenges. These are the same types of problems faced by the typical
emerging market country in a global crisis and some are even starting to talk up the idea of
a currency crisis for the UK. The negative momentum that GBP has worked up at this point is
getting worrisome and may demand an official response very soon if GBPUSD moves to 1.4000
and EURGBP to 0.9000. We've been taken aback at the vehemence of the moves - the GBP crosses
are dangerous territory.
Regards
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Yes,stalla, you might be quite right on that one, you know..especially with the GBP crosses
like GBPCHF and GBPJPY, aka the beast..so prudent money management during trading is very
important..
[11:11:55 19/11/08] Stalion: hi everyone
[11:12:17 19/11/08] Maximus : Hey Stalion good to hear from you..
[11:14:08 19/11/08] djcarlos : Hi
[11:16:02 19/11/08] Stalion : cool...
[11:21:42 19/11/08] Stalion : also a buy stop on gu at 1.5005..1st target at 1.5025..2nd
target at 1.5045...40 pip sl away
[11:25:43 19/11/08] djcarlos : so, the buy entry was hit???
[11:26:33 19/11/08] Stalion : yes, dj...
[11:26:46 19/11/08] Stalion : we are on the ride
[11:44:07 19/11/08] klho83 : All targets hit
[11:45:24 19/11/08] djcarlos : yes
[11:50:35 19/11/08] masif1 : wow - quick 40pips!
[11:50:35 19/11/08] Maximus : do we live the sell stop there?
[11:50:47 19/11/08] masif1 : and still going up!
[11:53:16 19/11/08] Maximus : guys do myou keep your sell entry activated or not?
[11:56:07 19/11/08] djcarlos : I saw in dailyfx.com that GU will going to make pivot in
1.5050
[11:56:34 19/11/08] Stalion : no...delete the sell stop entry for now, since market dynamics
have changed
[11:56:46 19/11/08] djcarlos : ok
[11:57:00 19/11/08] Maximus : thx...
[11:57:03 19/11/08] Stalion : hope you got ur trailing stop on
[11:58:00 19/11/08] Stalion : what kind of pivot,dj? what do you mean about pivot at 1.5050
[11:58:03 19/11/08] Maximus : exit 1.5045 because only trading 0.10 lots..
[11:58:35 19/11/08] djcarlos : I can send to you the chart by mail
[11:59:07 19/11/08] klho83 : Is the sell stop still valid?
[11:59:48 19/11/08] masif1 : i have left the sell in place
[11:59:54 19/11/08] Stalion : it doesnt matter, max..you could close half of the 0.1 lot
...as in, 0.05..the allow d other half to ride with a trailing stop..
[20:33:40] Stalion : hi folks, its a cool evening here in the city of Lagos, so we put a buy
stop on GBPUSD @ 1.5045..1st target at 1.5070...2nd taRGET AT 1.5095..3rd target at
1.5120...50 pip sl away
And we also put a sell stop on GBPUSD @ 1.4970...1st target @ 1.4945..2nd target @ 1.4920..3rd target @ 1.4895..
We call it TRAPPING THE DRAGON TECHNIqueza